The true value of advice

There’s plenty to consider when trying to secure your financial future. Should I pay off the mortgage or put money into super, what about renovations? How can I make sure my children’s education is covered? When can I retire?

Good financial advice answers these questions by mapping out your goals and putting in place the strategy to achieve them. The traditional measures of financial advice success have focused on achieving your tangible goals, such as retiring earlier, relative investment returns, or simply spending less.

While these financial benefits of advice have long been established, can financial advice positively affect the more unquantifiable aspects of our lives? What is the true value of advice?

The intangible value of advice

A survey [1] of 312 financial advice clients asked about the intangible benefits of financial advice and the results were quite compelling. The survey revealed people who receive ongoing financial planning advice experience:

  • 13 per cent greater levels of overall personal happiness
  • 21 per cent overall increase in peace of mind
  • 20 per cent increased feelings of security regarding their day to day finances
  • 19 per cent less likelihood to have arguments with loved ones.

While those that don’t receive financial advice were:

  • 22 per cent more likely to have their sleep disrupted due to money concerns
  • 15 per cent more likely to feel stress and anxiety.
  • 11 per cent more likely to feel concerned about their finances

What’s more, 83 per cent of clients surveyed endorsed the value of financial advice by saying it’s important for their loved ones to have good financial advice

Even if you have your financial house in order, a Bridges Lake Macquarie financial planner provides the comfort and peace of mind of a well thought out plan, a plan that leaves you better prepared for the future.

What’s more, advice extends beyond measurable financial gains, to improved physical health, stronger relationships and personal happiness.

That’s the true value of advice.

[1] IOOF – True value of advice – December 2015

Bridges Financial Services Pty Limited (Bridges). ABN 60 003 474 977. ASX Participant. AFSL No 240837. This is general advice only and does not take into account your objectives, financial situation and needs. Before acting on this advice, you should consult a financial planner.